Kennedy Wilson Acquires 544-Unit Multifamily Community
- Jun 22, 2012
Beverly Hills, Calif.—Kennedy Wilson, an international real estate investment firm, recently acquired a 544-unit multifamily community in Hayward, Calif. The property, called the Waterford, was purchased for $86.5 million, with $68.1 million in financing from Freddie Mac.
The community includes 29 two- and three-story buildings. Amenities include a fitness center, two swimming pools, spas and a playground.
Kennedy Wilson also plans to renovate the amenities and upgrade the façade of the buildings with new paint and landscaping.
“This acquisition is an excellent opportunity for us to employ our long-term experience in repositioning and managing large multifamily communities,” Robert Hart, president of Kennedy Wilson Multifamily Management Group, says in a press statement.
In addition to the upgraded features, Waterford’s location is poised to attract many renters.
“Waterford is in a strategic job-centric infill location and is situated in the East Bay near the entrance to the San Mateo Bridge, providing convenient access to residents commuting to the Silicon Valley, South Bay and San Francisco, [which is] making it a very attractive investment,” Hart says.